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HomeBusinessDebtors owe Nigeria N5.2 bln, defaulters refuse to pay ~Finmin

Debtors owe Nigeria N5.2 bln, defaulters refuse to pay ~Finmin

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Nigeria has an outstanding of nearly N5.2 trillion in debts by over 5,000 companies and individuals, according to the Finance and Budget Minister, Zainab Ahmed.

Ahmed, who said the debts cut across 19 ministries, departments and agencies (MDAs), noted that the defaulters have refused to honour their obligations.

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Lack of visibility of these transactions, poor information sharing and enforcement were some reasons for revenue loopholes.

“The debt aggregation effort is still ongoing,” the minister stated.

She called on the MDAs to provide quality and relevant debt-related information to populate the Project Lighthouse debt recovery programme, which would build the country’s economic base.

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